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CSUF ACCT 201A (Hoffman) Final Exam with Complete Solutions

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CSUF ACCT 201A (Hoffman) Final Exam with Complete Solutions Which of the following statements is false? Correct Ans-Research and development costs are expensed when incu

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  • December 31, 2024
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CSUF ACCT 201A (Hoffman) Final Exam
with Complete Solutions
Which of the following statements is false? Correct Ans-Research and development costs are
expensed when incurred, except when the research and development expenditures result in a
successful patent.



Corrieten Company purchased equipment and incurred these costs:

Cash price $24,000

Sales taxes 1,200

Insurance during transit 200

Installation and testing 400

Total costs $25,800

What amount should be recorded as the cost of the equipment? Correct Ans-$25,800




Additions to plant assets are: Correct Ans-capital expenditures.




A company can accelerate its cash receipts by all of the following except: Correct Ans-
writing off receivables.



Depreciation is a process of: Correct Ans-cost allocation.

,An analysis and aging of the accounts receivable of Raja Company at December 31 reveal these
data:

Accounts receivable: $800,000

Allowance for doubtful accounts per books before adjustment (credit): $50,000

Amounts expected to become uncollectible : $65,000

What is the cash realizable value of the accounts receivable at December 31, after adjustment?
Correct Ans-$735,000

(800,000-65,000)



The use of prenumbered checks in disbursing cash is an application of the principle of:
Correct Ans-documentation procedures.




Which of these statements about Visa credit card sales is incorrect? Correct Ans-The retailer
must wait to receive payment from the issuer.



Which statement correctly describes the reporting of cash? Correct Ans-Cash is listed first in
the current assets section.



Which of the following control activities is not relevant when a company uses a computerized
(rather than manual) accounting system? Correct Ans-All of these control activities are
relevant to a computerized system

-Establishment of responsibility

-Segregation of duties

-Independent internal verification

, In a bank reconciliation, deposits in transit are: Correct Ans-added to the bank balance.



If a company is concerned about extending credit to a risky customer, it could do any of the
following except: Correct Ans-provide the customer a lengthy payment period to increase the
chance of paying.



The control features of a bank account do not include: Correct Ans-having bank auditors
verify the correctness of the bank balance per books.



Receivables are frequently classified as: Correct Ans-accounts receivable, notes receivable,
and other receivables.



Net credit sales for the month are $800,000. The accounts receivable balance is $160,000. The
allowance is calculated as 7.5% of the receivables balance using the percentage-of-receivables
basis. If Allowance for Doubtful Accounts has a credit balance of $5,000 before adjustment,
what is the balance after adjustment? Correct Ans-$12,000

($160,000 x .075)



Physical controls do not include: Correct Ans-independent bank reconciliations.



Hughes Company has a credit balance of $5,000 in its Allowance for Doubtful Accounts before
any adjustments are made at the end of the year. Based on review and aging of its accounts
receivable at the end of the year, Hughes estimates that $60,000 of its receivables are

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